We provide updates to and perspectives on the enduring topic of debt and taxes. The recent
decade brought us new empirical strategies, accounting rules, and tax laws. We discuss …

Better access to debt markets mitigates the effects of uncertainty on corporate policies. We
establish this result using the staggered introduction of anti-recharacterization laws in US …

The operating lease accounts for a large fraction of firms' total productive physical capital
and it is important for firms' investment and real production. Empirical facts show that the …

I use US Census microdata to analyze the effect of stronger creditor rights on productivity.
Following the adoption of antirecharacterization laws that give lenders greater access to the …

This paper exploits the staggered adoption of anti-recharacterization laws across the US
states as quasi-natural experiments to study the role of creditor rights in affecting real …

This paper studies the role of lease financing in disaster-affected firms under collateral
constraints. Disaster-affected firms demand funds for post-disaster reconstruction. However …

This study fills an important gap in the literature by providing causal evidence of the impact
of relaxing financial constraints on corporate social responsibility (CSR). To isolate this …

This paper examines the effect of creditor protection on the choice of government
procurement contract types. We use the staggered adoption of anti-recharacterization laws …

Leased capital accounts for a large fraction of US public firms' total productive physical
capital. In this paper, we extend the neoclassical investment q theory with financial frictions …

Leased capital accounts for about 20% of the total productive physical assets used by US
publicly listed firms, and this proportion is even higher among small and financially …